Posted on: 22-08-11 10:12:14
Quote:
Originally posted by dimple2001
Quote:
Originally posted by web2000
The reason to include institutions is simple because they don't check/match the signatures on the cheque. Then do you find any difference in carrying a cheque or cash because in either case if u lose cash/cheque u r toast.
It is my choice to check or not to check my accounts regularly. This does not imply that bank will give my savings to someone else. Here is the bank's responsibility which must be followed in each and every case but not randomly.
"Bank is authorized to release funds/give credits only and only after authentication is passed"
Actually, I don't disagree with you at all. All I am stating is personal responsibility should still play a major role and I can't call banks negligent just based on few cases that have other prominent factors involved that results in a scandal.
I don't know how long you have been in N.A; however, I'll tell you around early 90s, it used to be worse. Banks blindly accepted cheques. Lately, around 2000 and later, I have noticed both US and Cdn banks (where I have had or have accounts) check IDs and signatures on a more regular basis.
Ex: When I went to Chase bank in MI for a transaction, they asked for my ID and when I showed my ON license, they pulled out a book that had photographs of all the licenses issued by the US states, Cdn provinces and as far as I can notice, few other countries. They verified the appearance of the license.
Ex: TD has more than once pulled out my signature card and compared signatures. When I deposited my severance check from the US with several thousand $, they asked more than few questions as to the source of the money.
It may be your choice to check your accounts at your own pace, but in my opinion, diligence on your part works to prevent a scam. I am not going to simply sit around completely trusting someone or something else to protect my money.
That is why I use the word "Randomly", In money transactions there is no place of the word "Random". As I said all transactions must be validated. Just ask u one question:
When u do online banking can u log in by typing a random password? Computer will never allow you unless authentication is checked. Then why teller is not following the same rule to clear the cheque? They should not do it randomly but do it every time.
There are many people in Canada/US who pay the bills for credit card/phone/hydro, etc. by check. Even if you send check without signing, more than likely they will process those checks. Most of these checks are processed automatically by machines not humans.
Do you know why banks usually very easily reverse the charges on your credit card if you claim that they are fraud charges and they found your claim to be reasonable. The reason is the cost to bank to prevent those frauds is more than the fraud charges. This is true for whole industry so they don't care much about those fraud charges.
It is general person who suffer for taking back their identity if that is the case. General people have to fight/call to reverse those charges and banks just don't care too much.
Now green bank is charging for printing transaction details from their ATM machines. These bank will charge fees for everything and many of the front line employees can't answer basic questions or give incorrect information (this is true whether in Canada or India).
